2015 Press Releases

California DBO Announces Inquiry into ‘Marketplace’ Lending Industry

Dec 11, 2015

Seeks Data, Information from 14 Online CompaniesDownload this press release (PDF)SACRAMENTO – The California Department of Business Oversight (DBO) today announced an inquiry into the growing marketplace lending industry.“These online lenders are filling a...

DBO Announces $10.1 Million Settlement with Sherman Oaks-Based Prospect Mortgage

Nov 19, 2015

National Agreement Gives CA 43% of Restitution, Penalties Download this press release (PDF) SACRAMENTO – The Department of Business Oversight (DBO) today announced Prospect Mortgage, LLCwill pay $10.1 million in borrower restitution and penalties under a...

CashCall Pays Nearly $1 Million of Restitution to California Borrowers Under DBO Settlement

Nov 18, 2015

Firm Misled and Overcharged Consumers Download this press release (PDF) SACRAMENTO – The Department of Business Oversight (DBO) today announced CashCall, Inc. paid almost $1million of restitution to more than 7,000 California consumers under the settlement...

DBO Moves to Stop Arcadia-Based Securities Fraud Scheme Linked to Digital Currency

Oct 1, 2015

Sellers Billed ‘Gemcoin’ as Better than BitcoinDownload this press release (PDF)SACRAMENTO – The California Department of Business Oversight (DBO) today moved to stop an alleged Arcadia-based securities fraud scheme that markets a digital currency called...

DBO Commissioner Urges Banks, Credit Unions to Help Fire-Damaged Communities

Sep 17, 2015

Seeks Loan Payment Latitude, Expedited Credit for CustomersDownload this press release (PDF)SACRAMENTO – Department of Business Oversight (DBO) Commissioner Jan Lynn Owen today called on state-chartered banks and credit unions to be leaders in efforts to...

DBO Announces Record $40 Million Settlement with Citi Subsidiary Banamex USA

Jul 22, 2015

Resolves Allegations of Money Laundering Rule ViolationsDownload this press release (PDF)SACRAMENTO – The Department of Business Oversight (DBO) today announced Citigroup subsidiaryBanamex USA (BUSA) will pay the State $40 million in civil penalties to...

Auto Title Lending Continued California Surge in 2014, DBO Report Shows

Jul 10, 2015

Number, Aggregate Principal Grow by Double Digits Download this press release (PDF) SACRAMENTO – The number and total dollar value of California auto title loans in 2014 grew by morethan 10 percent from 2013, according to a report published today by the...

DBO Survey Details Growth in Payday Loan Borrowing Among Older Californians

Jul 9, 2015

21-and-Under Age Group Also Sees Large Increase Download this press release (PDF) SACRAMENTO – Older Californians in 2014 increased their payday loan borrowing at a significantly higherrate than payday customers as a whole, according to industry survey...

California Payday Lending Activity Increased in 2014, DBO Report Shows

Jun 16, 2015

Total Dollar Amount, Volume Top 2013 Levels; Average Size and APR FallDownload this press release (PDF)SACRAMENTO – California payday lending activity in 2014 increased from the prior year, but the average size of transactions and average annual percentage...

DBO Commissioner Owen Names FIS as Independent Auditor for Ocwen Loan Servicing

Jun 9, 2015

FIS to Assess Servicing Practices, Compliance with Consumer Protection Laws Download this press release (PDF) SACRAMENTO – Department of Business Oversight (DBO) Commissioner Jan Lynn Owen todaynamed Fidelity Information Services (FIS) as the independent,...

DBO Sues Nationwide Biweekly Administration for Charging Excessive Fees, Unlicensed Activity

May 15, 2015

Lawsuit Seeks Restitution, Penalties from Debt Payment FirmDownload this press release (PDF)OAKLAND – The Department of Business Oversight (DBO) today filed a lawsuit against Nationwide Biweekly Administration (Nationwide) alleging the debt payment firm...

DBO Announces Effort to Fight Search Engine Advertising by Unlicensed Payday Lenders

Apr 7, 2015

Effort Covers Bing, Yahoo, Google; 39 Lenders Now BlockedDownload this press release (PDF)SACRAMENTO – The Department of Business Oversight (DBO) today announced an initiative to ensure major Internet search engine firms block advertising in California by...

State Alerts Consumers about Companies That Offer to Help Recover Lost Investments

Mar 6, 2015

Firms charge thousands, don’t recover money Download this press release (PDF) SACRAMENTO – The Department of Business Oversight (DBO) today urged consumers to be wary ofcompanies that offer to help them recover lost investments if they pay thousands of...

Lender CashCall to Pay Restitution, $1 Million in Penalties and Costs to Settle Case with DBO

Feb 5, 2015

Firm Misled and Overcharged Consumers Download this press release (PDF) SACRAMENTO – The Department of Business Oversight (DBO) today announced a settlement withCashCall, Inc. that requires the lender to provide restitution to thousands of California...

DBO Commissioner Owen Clarifies Coinbase Exchange’s Regulatory Status in California

Jan 27, 2015

Download this press release (PDF) SACRAMENTO – Department of Business Oversight Commissioner Jan Lynn Owen today issued thefollowing statement to correct erroneous reports that Coinbase Exchange has received regulatory approvalfrom the State:“Numerous...

Ocwen Agrees to $2.5 Million Settlement for Failing to Provide Loan Information

Jan 23, 2015

Ocwen to also pay for auditor to ensure compliance with state lawsDownload this press release (PDF)SACRAMENTO – The California Department of Business Oversight (DBO) announced a $2.5 million settlement today with Ocwen Loan Servicing, LLC over the firm’s...